Crypto Lender Genesis Owes Creditors Over $3B: FT

Digital Currency Group, Genesis' parent company, is reportedly looking to sell some of its venture-capital portfolio, worth around $500 million.

AccessTimeIconJan 12, 2023 at 1:23 p.m. UTC
Updated Jan 12, 2023 at 3:45 p.m. UTC
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Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Troubled crypto lender Genesis owes its creditors over $3 billion prompting its parent company, Digital Currency Group, to look at asset sales to pay off the debt, the Financial Times reported on Thursday, citing sources.

DCG is considering offloading some of its venture-capital portfolio, worth around $500 million, the report said. The sale is part of DCG's effort to raise fresh capital after Genesis stopped withdrawals late last year.

DCG declined to comment.

Its portfolio includes crypto exchanges like Coinbase (COIN), Kraken and Blockchain.com, and the now bankrupt FTX. DCG's assets are illiquid, however, and will likely take some time to sell, the report added.

Tensions between DCG and Genesis creditors have been running high with Gemini co-founder Cameron Winklevoss even calling for DCG CEO Barry Silbert's ouster earlier this week.

DCG also owns CoinDesk.




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Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.


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Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.